Summit Group confirms IFC investment lawful, denies allegations

Summit Group has denied reports that the Anti-Corruption Commission (ACC) has summoned its chairman and others for questioning.

In a statement sent to the media, Summit Group said that no summons notice from the ACC, as mentioned in media reports, has so far been received by its chairman, directors, or shareholders. The group has categorically denied any allegations of money laundering or other illegal activities.

The statement also stated that the transactions referred to in the news were related to the International Finance Corporation (IFC) and its investor partners. In 2016, they made investments by acquiring shares in Summit Group’s power and energy sector through a Singapore-based company, fully in compliance with Bangladesh Bank’s foreign exchange transaction guidelines. Summit Group also noted that relevant information on this matter is available on IFC’s official website: https://disclosures.ifc.org/project-detail/SII/37593/summit-mezzanine

All funds from that investment were brought into Bangladesh through lawful banking channels, certified by BRAC Bank, duly reported to Bangladesh Bank, and fully utilised in development-oriented projects within the country, said the business group.

Summit Group further stated that it has always operated in compliance with the law and remains committed to conducting business with the highest standards of good governance, transparency, and accountability.